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HSBC Launches Asset Management Business in Dubai

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  Published in Business and Finance on Monday, January 12th 2026 at 5:51 GMT by reuters.com

Dubai, UAE - January 12th, 2026 - In a strategic move to capitalize on burgeoning wealth within the United Arab Emirates and the wider Gulf region, HSBC has officially launched a new, dedicated asset management business. The announcement, made earlier today, signals the bank's commitment to deepening its presence in a region experiencing significant economic growth and a rapid increase in high-net-worth individuals (HNWIs) and families.

The timing of the launch is particularly noteworthy. The UAE, along with its Gulf counterparts, has witnessed a substantial influx of foreign investment over the past decade, fueled by factors including favorable tax policies, political stability (relative to the broader region), and strategic geographical positioning. This investment has directly contributed to the creation and accumulation of significant personal wealth, driving demand for sophisticated wealth management services.

"We are seeing a significant influx of wealth into the UAE, and we believe there is a real opportunity to help our clients navigate the complexities of managing their wealth," stated Iqbal Khan, HSBC's global co-CEO, in a released statement. This sentiment underlines the bank's assessment of the market opportunity and its desire to provide targeted solutions to the unique challenges faced by affluent clients.

A Focus on Customization and Holistic Planning

Unlike more standardized investment products, HSBC's new asset management business is emphasizing a personalized approach. The stated focus is on providing "customized investment solutions and wealth planning services." This suggests a move away from a 'one-size-fits-all' model, instead prioritizing the development of bespoke portfolios and strategies tailored to individual client needs and risk profiles. Services are likely to encompass a broad range of areas, including estate planning, philanthropic giving, succession planning, and potentially even family office services for ultra-high-net-worth individuals.

The increasing sophistication of wealth management clients demands more than just investment returns; it requires a holistic understanding of financial goals, family dynamics, and long-term aspirations. HSBC's initiative appears designed to address this evolving demand.

Experienced Leadership at the Helm

The success of any new venture hinges heavily on the strength of its leadership. HSBC has appointed Satinder Sethi, previously a senior executive at UBS, to spearhead the new asset management division. Sethi's background at UBS, a global leader in wealth management, brings a wealth of experience and expertise to the role, lending credibility to HSBC's ambitions in the UAE market. His familiarity with international best practices and sophisticated wealth planning strategies will be invaluable as HSBC seeks to build a competitive offering.

Building on an Existing Foundation

HSBC's presence in the UAE stretches back over 80 years, establishing a strong foundation of trust and operational infrastructure. The bank already holds a significant retail and commercial banking presence within the country, providing it with an existing client base and valuable market insights. The launch of the dedicated asset management business serves as a logical extension of these existing operations, bolstering HSBC's overall wealth management capabilities in the region. The move reinforces the bank's long-term commitment to the UAE and underscores its desire to be a leading provider of financial services to the country's burgeoning wealthy population. Experts predict that the integrated approach, combining established banking relationships with specialized asset management expertise, will be a significant advantage in attracting and retaining clients.

Looking Ahead: Regional Growth and Competition

The UAE's continued economic diversification and focus on attracting foreign investment are expected to drive further growth in the region's wealth pool, making HSBC's investment particularly well-timed. However, the bank will face competition from other global and regional wealth managers eager to capture a share of this growing market. The ability to offer truly personalized and innovative solutions, combined with strong client relationships, will be crucial for HSBC's long-term success in this competitive landscape.